A New Zealand company has become a major shareholder for the ownership of Sheraton Resort and Spa on Tokoriki Island in the Mamanuca Group.
A subsidiary of Commercial Projects (CP) Group, Pandey Investments Fiji PTE Ltd, has taken over majority of shares in the island resort after negotiations with local company Meghji Group of Companies completed.
Pandey Investments CEO Prakash Pandey said they looked forward to working with the local tourism industry.
“Whilst the tourism industry both on a local and global scale is under immense pressure as a result of the ongoing effects of COVID-19, we firmly believe in the strength of the industry and the future of Fiji,” he said.
“Many would argue now is not the time to be expanding our portfolio of hotels and resorts, however, we have significant confidence the future is bright once we return to a level of stability.
“We applaud all stakeholders within the Fijian tourism industry, particularly those in government for their foresight and support of the industry as a whole.
“Organisations such as Tourism Fiji will continue to enjoy our support from an investment perspective, as we truly believe through strong partnership, together we will rebuild the industry as a global leader destination.”
Meghji Group of Companies CEO Romit Meghji said the company was excited with the future of the resort.
“Whilst we have retained a reduced shareholding within the company, we are looking forward to the expertise the Pandey Group bring to our company, from their extensive portfolio of hotels and resorts in Fiji, New Zealand, and the USA,” he said.
“This truly is an opportune time for our company, the resort and the tourism industry as a whole.”
Following the purchase of shares by Pandey Investments, the owning entity now belonged to Pandey Investments Fiji, Fijian Holdings Ltd and the Meghji Group. Mr Pandey said this was the company’s first joint venture with both FHL and the Meghji Group.
“We are very proud to be in partnership.
“Both companies bring a wealth of experience via the broad scope and scale of their business portfolios within Fiji, and we are very confident together we will be in a position to support the resort, the industry as a whole, along with the community we operate within.
“We are looking forward to further expanding our footprint in Fiji with additional acquisitions in the near future.”
